About
Dogecoin is another cryptocurrency (altcoin) that makes use of the enduring Shibu Inu canine from the Doge meme as a mascot. Much like Bitcoin and its derivatives, Dogecoin will be mined and exchanged for items and providers among the many individuals. Not like Bitcoin and different cryptocurrencies, Dogecoin doesn’t have a provide restrict, that means that a vast variety of Dogecoin can theoretically be mined.
Origin
On November twenty seventh, 2013, advertising skilled Jackson Palmer posted a tweet that he can be “investing in Dogecoin.”
Investing in Dogecoin, fairly positive it’s the subsequent massive factor. https://t.co/yHR4bNv6OD
— Jackson Palmer (@jacksonpalmer) November 28, 2013
In an interview with the tech information weblog Motherboard, Markus revealed that he wished to create a cryptocurrency that may attain a broader demographic than Bitcoin, which had beforehand come below accusations of funding unlawful on-line actions just like the Silk Street drug market. After Palmer reached out to Markus on Twitter, the pair launched the official Dogecoin web site together with the brand new cryptocurrency on December sixth, 2013.
Dogecoin initially had a provide restrict of 100 billion cash, which was eliminated in February 2014.
Developments
Following the launch of the official web site, a slew of social media channels and referential webpages quickly emerged for Dogecoin, together with a Twitter account and a Fb web page, racking up greater than 36,000 followers and 13,000 likes inside the the primary two months respectively. On December eighth, a complete subreddit neighborhood devoted to using satirical cryptocurrency was launched at /r/dogecoin. .
All through the primary weekend of December, Dogecoin was highlighted by a lot of tech information websites and blogs, offering an extra enhance to the worth of the satirical foreign money. By December 14th, an encyclopedic article describing the idea of “Dogecoin” had been submitted by Wikipedia editor CitationNeeded. On December seventeenth, the DogeCoin YouTube channel uploaded a video titled “You Generally is a Dogecoin Millionaire!”, that includes a sketch concerning the iconic Doge Shibu Inu canine Kabuso turning into a millionaire (proven under).
On December nineteenth, 2013, Dogecoin elevated from $0.00026 to $0.002 in worth, turning into the Seventh-largest altcoin. Three days later, the foreign money crashed to $0.0003 after being closely mined.
2013 Christmas Dogewallet Heist
On December twenty fifth, 2013, a number of members of Dogecoin discussion board started reporting that their funds had been being transferred to an unknown account recognized as “DQT9WcqmUyyccrxQvSrjcFCqRxt8eVBLx8.” Later that very same day, the founders of the Dogecoin storage system Dogewallet, briefly shut down the service and issued a press release confirming {that a} hacker had gained entry to its file system and modified its pages to reroute the coin switch to a static account, which have resulted in losses of 30 million Dogecoins, or as much as $12,000 value of the crypto-currency on the time of the incident. As well as, the Dogewallet directors introduced that it’s going to instantly start reimbursing all customers affected by the hack. Because of the hack, Dogecoin turned probably the most talked about altcoin on Twitter.
Progress in Transaction Quantity
On January 14th, 2014, Redditor innominatargh identified that extra Dogecoins had been traded inside one hour than there have been complete Dogecoins in circulation in a submit submitted to the /r/dogecoin subreddit. That day, the Wall Avenue Journal’s Market Watch weblog posted a chart illustrating how Dogecoin transactions had eclipsed the amount of Bitcoin and different altcoins mixed within the earlier month (proven under).
Dogecoin Hype Video Competitors
Between January and February 2014, the Dogecoin Basis hosted a open submission contest for folks to create a promotional video for the cryptocurrency. A complete of 80 video entries had been submitted and 9 prizes got out from a pool of over 800,000 dogecoin. The grand prize went to Redditor zimonitrome’s chiptune-inspired promo music video “Ð is for Ðogecoin.” (proven under)
SaveDogemas Fundraiser
Following the Dogewallet hack, a goodwill fundraiser marketing campaign dubbed “SaveDogemas” was launched to assist donate cash to those that misplaced them. Inside the subsequent month, it raised sufficient Dogecoin to cowl all of the losses.
Jamaican Bobsled Group Fundraiser
On January nineteenth, 2014, an Indiegogo web page was created by members of the Jamaican Bobsled Group to fund their journey to the Sochi 2014 Winter Olympics. On the identical day, a fundraiser was launched by the Dogecoin Basis for the bobsled workforce, which gathered $35,000 in donations within the first 24 hours. Throughout this time, Dogecoin to Bitcoin alternate fee rose by 50%.
Indian Olympic Athlete Fundraiser
On January twenty ninth, days earlier than the opening of Sochi Winter Olympics, Washington Submit reported on the uphill battles confronted by three Indian athletes taking part within the Video games, reminiscent of having to compete with out a nationwide flag, attributable to Worldwide Olympic Committee sanctions stemming from a corruption scandal, and in consequence, lack of enthusiastic assist from the Indian Olympic Committee, together with the prices of their journeys.
India’s sports activities ministry agreed to assist the athletes defray the prices of competing at Sochi. Keshavan obtained enough funds, but it surely has been unclear whether or not the opposite two rivals can afford to make the journey. Roshan Lal Thakur, secretary normal of the Winter Video games Federation of India, stated he has lastly obtained three-quarters of the$22,000 wanted to ship the alpine skier Himanshu Thakur and cross-country skier Nadeem Iqbal and their coaches to the Video games. Nonetheless, he doesn’t know the place he’ll get the remaining.
“Possibly I’ve to borrow from pals,” he stated. “Some miracle will occur, no?”
On the next day, Reddit’s /r/dogecoin subreddit and the Dogecoin Basis launched a Sochi fundraiser for Indian skiers Himanshu Thakur and Nadeem Iqbal, elevating greater than $6,000 inside simply three hours, together with one donor who contributed three million Dogecoin, value about $4,500 on the time of the donation.
Doge4Water in Kenya Fundraiser
In March 2014, the Dogecoin Basis introduced a brand new month-long initiative to gather 40 million dogecoin to fund the creation of two water wells in a city in jap Kenya. Dubbed “Doge 4 Water,” the charity drive will proceed till “World Water Day” on March twenty second, when donations shall be transformed to {dollars} for switch.
NASCAR Sponsorship
On March seventeenth, 2014, Redditor unicorn_butt_sex submitted a submit calling for a Dogecoin sponsorship of NASCAR driver Josh Clever to the /r/dogecoin subreddit. In 10 days, the submit gained greater than 760 up votes and 390 feedback. Later that day, Clever came upon concerning the sponsorship marketing campaign and posted a tweet thanking the Dogecoin neighborhood for his or her assist. The Reddit submit was subsequently up to date with 3D-rendered mockups of a sponsored race automobile that includes the Dogecoin image on the entrance hood and “wow such racecar” on the bumper, which had been designed by Redditor mimicthefrench (proven under).
On March nineteenth, Redditor lamamafia launched a paint job contest for Josh Clever’s Dogecoin-sponsored race automobile on /r/NASCAR, the place dozens of customers submitted their customized entries for a 2014 Chevrolet SS automobile with varied Doge-themed paint jobs. Over the course of the next week, Redditor NukaColaV13’s entry emerged because the highest-voted submission (proven under).
On March twenty fifth, Redditor One Good Shibe introduced in /r/dogecoin that the neighborhood had raised 67.8 million Dogecoins (roughly $55,000) for the NASCAR fundraiser and that Clever can be racing a Doge-themed inventory automobile at Aaron’s 499 in Talladega, Alabama on Could 4th. Within the coming days, a number of information websites revealed articles concerning the crowdfunding marketing campaign, together with Motherboard,USA Right now, The Guardian,CNET and The Verge.
Dogetipbot
Dogetipbot was launched by Redditor Josh Mohland in 2014 as a approach to tip different Redditors with Dogecoin.
Shutdown
On Could eighth, 2017, Mohland posted an announcement that each one Dogetipbot coin balances had been wiped to 0 after he had spent all of his cash and declared Chapter 7 chapter. Moreover, he revealed that Dogetipbot can be shutdown fully on December fifteenth. That day, Mohland posted an replace that he had added an possibility for Dogetipbot customers to request he pay them again, noting “I’ll have to purchase them over time once I receives a commission, so this may take some time.” That day, an article concerning the shutdown was revealed on Gizmodo.
2018 Peak
On January fifth, 2018, Dogecoin’s market capitalization rose upwards of $1 billion in accordance with CoinMarketCap (proven under).
That day, the cryptocurrency information weblog Coindesk revealed an interview with Dogecoin founder Jackson Palmer, who left the workforce in April 2015. Within the interview, Palmer expressed issues that Dogecoin’s success might be a troubling signal for the market:
“The truth that most conversations taking place within the media and between friends deal with the funding potential is worrying, because it attracts consideration away from the underlying expertise and targets this motion was based mostly. I’ve a variety of religion within the Dogecoin Core growth workforce to maintain the software program secure and safe, however I believe it says lots concerning the state of the cryptocurrency area basically {that a} foreign money with a canine on it which hasn’t launched a software program replace in over 2 years has a $1B+ market cap.”
On January eighth, throughout the peak of 2017-2018 cryptocurrency bubble, Dogecoin briefly reached a peak of $0.017 per coin, with the market capitalization of the foreign money nearing 2 billion USD. Following the 2018 cryptocurrency crash, the worth of the coin dropped to roughly $0.003 by March 2018.
Dogecoin Problem
In early July 2020, Dogecoin noticed a surge in market exercise and its value because of Dogecoin Problem on TikTok, individuals of which promoted funding of Dogecoin to extend its worth to at least one greenback.
On June twenty seventh, 2020, TikToker tradertoks uploaded a video saying “what if everybody watching this video went and acquired some Dogecoin” (proven under, left). The video gained over 27,100 likes in two weeks. On July 1st, TikToker jamezg97 uploaded a video suggesting the identical factor and claiming that if $25 was invested the viewer may make $10,000 (proven under, proper). The video garnered over 66,700 likes in every week.
https://www.tiktok.com/embed/v2/6843057575110429957
https://www.tiktok.com/embed/v2/6844644996675554566
Let’s all get wealthy. Dogecoin is virtually nugatory. There are 800 million TikTok customers. Make investments simply 25 {dollars}. As soon as the inventory hits one greenback, you may have ten grand. He says, “Inform everybody you recognize.”
Following the unfold of the problem on TikTok, which was additional assisted by the unfold of the information on different social media, the worth of Dogecoin rose from $0.0023 on July fifth to $0.0048 on July eighth, 2020, returning to $0.0031 by July twenty seventh.
Early 2021 Dogecoin Increase
On January twenty seventh, 2021, following the preliminary occasions of the GameStop inventory surge, Redditor vavilover made a submit in cryptocurrency-themed /r/SatoshiStreetBets subreddit suggesting that customers ought to “pump” Dogecoin subsequent, with the submit gaining over 200 upvotes in a single week. In a while the identical day, Redditor lomac2w0 made a submit during which they urged beginning a Dogecoin rally, with the submit gaining over 9,600 upvotes in a single week (proven under, high). Inside one hour, Redditor DODGECOINPSU made a element posted during which they overrated the cryptocurrency, with the submit gaining over 41,400 upvotes in /r/dogecoin subreddit previous to being eliminated by the moderators (partially proven under, backside).
Between January twenty seventh and twenty eighth, following a number of posts and memes on Reddit and Twitter, the worth of the foreign money quickly rose by over 900% from $0.0076 to $0.0082. On January twenty eighth, Elon Musk tweeted a mockup cowl of a made-up journal titled DOGUE, doubtless referencing Dogecoin and additional aiding the expansion.
Within the early hours of February 4th, 2021, Elon Musk tweeted {a photograph} of an area rocket taking off, then writing “Doge” in the identical thread (proven under, left). Following Musk’s tweet, the worth of Dogecoin quickly rose from $0.0397 to $0.0505, with Musk continuing to make a number of extra tweets about Dogecoin (proven under, middle and proper).
The rise of buying and selling exercise in Dogecoin was accompanied by an elevated variety of memes concerning the cryptocurrency on Reddit and Twitter. Between January twenty seventh and February 4th, the /r/dogecoin subreddit grew from 182,000 members to 887,000 members.
